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DOWNTOWN — A MIAMI EXECUTIVE was sentenced in Brooklyn federal court to 20 years in federal prison for orchestrating massive investment fraud schemes that cost victims tens of millions of dollars, according to a press release from the U.S. Attorney’s Office, Eastern District of New York.
Pushpesh Kumar Baid, also known as “PK Jain,” pleaded guilty to wire fraud conspiracy tied to sham businesses Tradepay Capital and Luxestreet, which falsely claimed to operate an invoice-factoring firm and a luxury-goods pawn shop.
U.S. District Judge Denny Chin ordered Baid to pay about $35 million in restitution and forfeit more than $2.6 million.
Prosecutors said Baid used fake invoices, forged contracts and straw bank accounts to fund a lavish lifestyle.
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